Estonia: Industrial activity posts softest contraction since February in July
Industrial output fell 9.4% year-on-year in seasonally and calendar-adjusted terms in July, which was a less pronounced drop than June’s 10.6% decrease. The figure marked the highest reading since February and was largely driven by a softer fall in manufacturing production. That said, nearly all subsectors continued to contract.
On a seasonally adjusted monthly basis, factory output fell at a more pronounced rate of 3.8% in July (June: -1.5% mom), the worst result since November 2022. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 9.8% in July, down from June’s minus 9.7% reading.